Paramount assures bonus payouts for co-CEOs even if they exit roles

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(Reuters) -Paramount Global's board has approved awarding the previously declared annual bonus payments for its three co-CEOs even if they are no longer at the helm, according to a filing on Tuesday.

Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins would receive an additional 100% of their base salary, along with restricted share units valued at $3 million each.

These three Paramount executives were appointed as co-CEOs on April 29, succeeding Bob Bakish, who left the position due to disagreements with the company's controlling shareholder, Shari Redstone.

The bonus arrangements will apply only to the portion of the current fiscal year after their appointment as co-CEOs and would also determine any future severance payments, the company said.

The change in compensation comes at a time when Paramount is aiming to reduce annual costs by $500 million ahead of its merger with Skydance Media.

As part of these cost-cutting measures, Paramount started job cuts in August and plans to lay off 15% of its U.S.-based workforce in three phases by the end of the year."

(Reporting by Jaiveer Singh Shekhawat and Sourasis Bose in Bengaluru; Editing by Tasim Zahid)